Latest news with #HelenBrocklebank
Yahoo
20-05-2025
- Business
- Yahoo
New report shows UK luxury exports to EU down 43% post-Brexit
Walpole, the body representing British luxury industry, has urged governmental intervention to address the obstacles hindering trade with the EU for the luxury sector following Brexit. The sector, valued at £81bn ($108bn), is facing challenges post-Brexit, as detailed in Walpole's latest Trading with Europe report 2025. The study, conducted by Frontier Economics, revealed that following the UK's departure from the EU, luxury exports have suffered with an average drop of 43%. This "Brexit effect" is substantial, given the industry's role in sustaining over 450,000 jobs and contributing £14.6bn to the Treasury. Fashion and accessories exports have taken the hardest hit, plummeting 64%, while interior design, home goods and craftsmanship exports have fallen by 50%. The complexities of UK-EU trade relations have been exacerbated by increased tariffs from the US and diminished demand from Chinese consumers. The study illustrates a shift in export dynamics, with EU exports dropping from 42% of total luxury exports in 2017 to 32% in 2022. Despite this decline, the EU market remains paramount for UK luxury goods, outpacing both the US and Asia, which each account for 22% of exports and the Gulf region at 14%. Post-Brexit trade barriers have introduced increased paperwork, higher costs and delays in exports due to new certification demands and customs intricacies. It claims that these challenges have disproportionately affected brands that maintain high customer service standards. Inconsistent rule enforcement across EU member states and ports further complicates matters by introducing unpredictability into costs and timelines. Complications with VAT refunds and reclamation processes have led some businesses to incur losses on returned items. Marketing efforts have also been stifled by difficulties in distributing product samples to journalists and influencers. Changing sustainability standards and labelling requirements have also injected operational uncertainty into business planning. In response to these challenges, some British luxury brands have set up distribution centres and commercial operations within the EU to redirect investment away from potential UK growth. Walpole CEO Helen Brocklebank stated: "The British luxury sector has incredible growth potential, with a projection to reach £125bn by 2028. "However, to achieve this ambition, we cannot afford to have one arm tied behind our back. Strong links and favourable trading with Europe remain essential to reaching this forecast, alongside our success in other global markets, and key to supporting craft-led and high value manufacturing in the UK." To address issues within the luxury industry, Walpole has made a series of recommendations to the UK government, including joining the Pan-Euro-Mediterranean Convention to support key exports, implementing a digital labelling system, negotiating better VAT terms with the EU and securing an SPS (Agreement on the Application of Sanitary and Phytosanitary Measures). "New report shows UK luxury exports to EU down 43% post-Brexit" was originally created and published by Retail Insight Network, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Business of Fashion
19-05-2025
- Business
- Business of Fashion
British Luxury Exports to EU Lag Due to Brexit, Lobby Group Says
UK exports of high-end items to the European Union have lagged behind the broader growth of the country's luxury sector, a trend that industry lobby Walpole attributes to Brexit. The value of shipments of British designer goods to the EU rose to £18 billion ($23.9 billion) in 2022, from £16 billion in 2017, a pace that's far below the industry's 11 percent in compound annual growth during the same period, according to research conducted by Frontier Economics for the industry lobby. Businesses have encountered delays driven by new certification requirements and custom complexities, said Walpole, which represents brands such as Burberry Group Plc and Fortnum & Mason Plc, in a Monday statement. The varying application of rules has also created unpredictable timescales and costs, it said. As a consequence, the EU accounted for less than a third of UK luxury exports in 2022, a drop from 42 percent five years before, Walpole said. The bloc remained the single biggest destination for British high-end shipments, it said. 'We cannot afford to have one arm tied behind our back,' Walpole's chief executive officer Helen Brocklebank said. British brands have been outspoken about the impact of the country's exit from the EU on the sector's growth, which has been hampered by export lags and added administrative work. The removal of tax-free shopping for foreign visitors has also dealt a blow, with tourists now incentivised to claim rebates instead in other parts of the EU, where the tax break still applies. By Jennifer Creery Learn more: Luxury Sector Faces More Gloom as Bain Cuts Sales Forecast Consultancy Bain & Co forecast global sales of luxury goods to fall between 2 and 5 percent this year, sharply downgraded from previous estimates.
Fashion Network
19-05-2025
- Business
- Fashion Network
UK luxury lobby blames Brexit for growth lag in EU-bound exports
UK exports of high-end items to the European Union have lagged behind the broader growth of the country's luxury sector, a trend that industry lobby Walpole attributes to Brexit. The value of shipments of British designer goods to the EU rose to £18 billion ($23.9 billion) in 2022, from £16 billion in 2017, a pace that's far below the industry's 11% in compound annual growth during the same period, according to research conducted by Frontier Economics for the industry lobby. Businesses have encountered delays driven by new certification requirements and custom complexities, said Walpole, which represents brands such as Burberry Group Plc and Fortnum & Mason Plc, in a Monday statement. The varying application of rules has also created unpredictable timescales and costs, it said. As a consequence, the EU accounted for less than a third of UK luxury exports in 2022, a drop from 42% five years before, Walpole said. The bloc remained the single biggest destination for British high-end shipments, it said. 'We cannot afford to have one arm tied behind our back,' Walpole's chief executive officer Helen Brocklebank said. British brands have been outspoken about the impact of the country's exit from the EU on the sector's growth, which has been hampered by export lags and added administrative work. The removal of tax-free shopping for foreign visitors has also dealt a blow, with tourists now incentivised to claim rebates instead in other parts of the EU, where the tax break still applies.
Fashion Network
19-05-2025
- Business
- Fashion Network
UK luxury lobby blames Brexit for growth lag in EU-bound exports
UK exports of high-end items to the European Union have lagged behind the broader growth of the country's luxury sector, a trend that industry lobby Walpole attributes to Brexit. The value of shipments of British designer goods to the EU rose to £18 billion ($23.9 billion) in 2022, from £16 billion in 2017, a pace that's far below the industry's 11% in compound annual growth during the same period, according to research conducted by Frontier Economics for the industry lobby. Businesses have encountered delays driven by new certification requirements and custom complexities, said Walpole, which represents brands such as Burberry Group Plc and Fortnum & Mason Plc, in a Monday statement. The varying application of rules has also created unpredictable timescales and costs, it said. As a consequence, the EU accounted for less than a third of UK luxury exports in 2022, a drop from 42% five years before, Walpole said. The bloc remained the single biggest destination for British high-end shipments, it said. 'We cannot afford to have one arm tied behind our back,' Walpole's chief executive officer Helen Brocklebank said. British brands have been outspoken about the impact of the country's exit from the EU on the sector's growth, which has been hampered by export lags and added administrative work. The removal of tax-free shopping for foreign visitors has also dealt a blow, with tourists now incentivised to claim rebates instead in other parts of the EU, where the tax break still applies.
Fashion Network
19-05-2025
- Business
- Fashion Network
UK luxury lobby blames Brexit for growth lag in EU-bound exports
UK exports of high-end items to the European Union have lagged behind the broader growth of the country's luxury sector, a trend that industry lobby Walpole attributes to Brexit. The value of shipments of British designer goods to the EU rose to £18 billion ($23.9 billion) in 2022, from £16 billion in 2017, a pace that's far below the industry's 11% in compound annual growth during the same period, according to research conducted by Frontier Economics for the industry lobby. Businesses have encountered delays driven by new certification requirements and custom complexities, said Walpole, which represents brands such as Burberry Group Plc and Fortnum & Mason Plc, in a Monday statement. The varying application of rules has also created unpredictable timescales and costs, it said. As a consequence, the EU accounted for less than a third of UK luxury exports in 2022, a drop from 42% five years before, Walpole said. The bloc remained the single biggest destination for British high-end shipments, it said. 'We cannot afford to have one arm tied behind our back,' Walpole's chief executive officer Helen Brocklebank said. British brands have been outspoken about the impact of the country's exit from the EU on the sector's growth, which has been hampered by export lags and added administrative work. The removal of tax-free shopping for foreign visitors has also dealt a blow, with tourists now incentivised to claim rebates instead in other parts of the EU, where the tax break still applies.
